Obviously, the engine output wouldn't change, so you wouldn't be "finding torque." However, directionally speaking the lighter (and smaller diameter) wheel/tire combo would likely also have a lower polar moment of inertia, meaning the wheel experiences a greater angular acceleration for a given amount of torque. Remember, though, that the tire/wheel weight is a tiny part of the mass of the entire vehicle, which must be linearly accelerated. If one's butt dyno could actually detect anything, I'd suspect the presence of the dreaded placebo effect.
The far greater impact would be in the suspension department due to the reduction in unsprung mass, IMHO.